TGJTA Plans to Drive Growth in Thai Jewel Industry

The recently-elected executive board of the Thai Gem and Jewelry Traders Association (TGJTA) released a roadmap for ensuring sustainable growth for Thailand’s jewel industry. The three-part priority plan will address issues involving tax and industry funding, as well as finding new overseas markets.

Information released about the plan includes:

• A free-port initiative – the board will seek government approval to promote Thailand as a tax-free port for the gem & jewelry industry. Approval of this plan will allow a free flow of raw materials into the kingdom. “We are strongly advocating the removal of VAT to allow Thailand to become a free port for industrial goods like Hong Kong,” board president, Vichai Assarasakorn, said.
• A gem industry bank – a blessing from the government will be sought to initiate a policy of support lending to local small and medium enterprises (SMEs), mostly involved in manufacturing, that more often than not are denied access to necessary capital.
•  A new market frontier – the new management expressed their determination to include China, India, the Middle East, Russia and the Commonwealth of Independent States (CIS) in Thailand’s list of major export destinations. This priority list, which TGJTA plans to submit to the government following the December 23 elections, will form a key part of the sustainable growth plan for the industry. 

The TGJTA also recognizes the importance of the Southeast Asia as the jewel market for Thailand. "ASEAN market potential is also excellent and we are working to make the ten-nation grouping as part of our distribution network," Assarasakorn noted.